Can my father who is on the deed but not the mortgage force me to sell or cash out on our house?
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Can my father who is on the deed but not the mortgage force me to sell or cash out on our house?
My father and I own a property together. I took the loan out with money he transferred to my account and he paid for any work that needed to be done in the house. I am the only oneon the mortgage and we are both on the deed. We signed a paper at our kitchen table saying when we sell he would get any money he put into the house back plus 50% of the profit and I would get the other 50%. We have only been there for 6 months. I want to wait until it’s been a year and buy his half off him because thats when I will be able to pull enough out to do so and he is harassing me to sell or cash out.
Asked on December 9, 2011 under Real Estate Law, New York
Answers:
Sharon Siegel / Siegel & Siegel, P.C.
Answered 12 years ago | Contributor
Since you and your father are both on the deed, the property is owned likely as tenants in common. If owners, like you and your father, do not agree on the sale of the property , any owner can commence a partition action to force a sale. A partition action is like a foreclosure in that the property is sold to the highest bidder on the court house steps. A partition action would first require the appointment of a referee to figure out the finances. Based on the limited informaation provided about the socument you describe, it sounds as if your father would not be provented form brining a partition. I would suggest that you consult a lawyer ans have the documents reviewed to determine their validity. www.siegelandsiegel.com
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